Imagine being too sick or incapacitated by an injury to manage your finances or make medical choices. Without a plan, your family could face costly court battles just to step in and help. Planning for incapacity ensures your wishes are honored and gives your loved ones clear guidance during such times.
It’s not just for the elderly. Incapacitation planning is for anyone who wants to stay in control of their affairs, even when they can’t speak for themselves.
Essential legal tools for incapacity planning
Having these legal documents in place is crucial to protecting both yourself and your family during incapacitation. First, a durable power of attorney, a legal document that gives someone you trust the authority to manage your finances when you are unable to. This includes paying bills, handling bank accounts, managing investments and making other important financial decisions on your behalf.
Next, you need a healthcare proxy – someone who will make medical decisions if you’re unable to communicate with doctors yourself. This ensures your healthcare choices are made by someone who understands and respects your wishes.
You can bolster this by creating an advance healthcare directive outlining your specific preferences for life-sustaining treatments, resuscitation and end-of-life care.
Why you shouldn’t wait
It’s easy to put this off, but incapacity doesn’t send warning shots. You’re better safe than sorry, and planning now spares your loved ones from guessing what you would want. It’s equally important to regularly review and update your incapacitation plans every few years or after major life events.
Every detail matters when it comes to securing your future and your loved ones’ well-being during uncertain times. As such, do not overlook qualified legal guidance to help ensure your incapacity plans are thorough, legally sound and tailored to your needs.